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(16 posts)
7. I will keep my eyes open
Thu Mar 17, 2016, 04:53 PM
Mar 2016

a documentary on this subject would be quite an interesting watch. I will look into this.

I recall a lecture I attended during which my professor explained the concept of Keynesian Economics. The theory of productivity was that productivity would increase linearly and that we would all share in the successes of our economy. Robots would do the work and we would have a 10-20 hour work week with massive productivity, and great wealth to show for it...

The professor then showed us how the productivity had increased relative to Keynes estimation, and it was relatively similar considering the great advances he had hypothesized. Wealth creation had also kept up with the Keynesian expectation.

Increases in technology should usually increase the wage rate, in theory, commiserate to the advances in output caused by that productivity. Thus higher tax rates would be levied on the persons who hold these jobs, leading to higher velocity of money... ETC.

Unfortunately this is not our reality. He who has shall prosper, and he without shall have his prosperity determined by he who has. The capitalist in my above scenario would likely increase the wage rate marginally for the laborer assisted by the machine because "does not need to do as much as before". On the other side he will invest in the capital because "he has the means". Then the difference is allocated by (and often to) the capitalist.

One day we may be able to have our tent cities AND our jobs...

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